Nearwater Management Takes 38K SF at SL Green’s 245 Park Avenue
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in September 2026: $9.1B across 42 reported transactions. All Office coverage →
- 21 stories mentioning SL Green on the wire in the past 90 days. SL Green coverage →
Computed from Real Estate Trail’s own tracked coverage
Nearwater Management did not have to look far for a new office. The asset management firm is moving within SL Green Realty ’s portfolio from One Vanderbilt to 37,563 square feet on the entire 28th floor at 245 Park Av…
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